Advanced batteries possess lower emissions, longer life span and can easily be installed in a power grid to store electricity. Advanced battery systems reduce the overall cost of electricity and aids in lowering emission of green house gases.
Introduction of advanced batteries with next-generation inherent features such as efficiency, improved safety and low cost have helped in large scale storage of energy for an electrical distribution network. Moreover, advanced batteries are rechargeable poly lithium-ion batteries and find wide number of applications in electric and automotive industries along with smartphones, laptops, tablets and other electrical products.
Apart from this, the path towards commercialization of new battery chemistries continues owing to the progress in making lithium ion, molten salt batteries and advanced lead-acid flow batteries. Various new battery chemistries are expected to penetrate the global grid-tied stationary energy storage and transportation markets in the foreseeable years, especially in Western Europe, North America and Asia Pacific.
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Lithium-ion battery is currently the basic chemistry adopted for grid-tied stationary energy storage and transportation applications which require next-generation batteries. Li-S, next-generation flow, Li-SS, and others reflect the potential competitors that may start to encroach on Li-ion market as the world’s most flexible battery market.
Increased carbon emission from automobiles as well as scarcity of fuel are some key factors bolstering the demand for electric vehicles across the globe. Thus, increasing demand for electric vehicles, especially in developed economies, is one of the key factors driving the growth of global advanced battery market.
Moreover, ongoing development in terms of technology in battery chemistry is another key factor fuelling the growth of Global Advanced Battery Market . Also, growing market of laptops and mobile phones is one of the major factors driving the demand for advanced batteries, thus fuelling the overall market growth.
Furthermore, rising awareness for the use of energy efficient batteries, especially in developed economies including Europe and the U.S. is expected to impel the growth of advanced batteries market, globally.
It is observed that the U.S. government is expected to offer funding for the development of durable, affordable and lightweight advanced battery options for various applications across different segments. Increasing initiatives by governments such as tax rebates and subsidies on the adoption of advanced batteries have shown positive effects on the global advanced battery market.
Moreover, countries such as India, China, and Japan, are also anticipated to follow the similar trend.
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The global advanced battery market can be segmented on the basis of type, application and region. By type, the global advanced battery market can be segmented into lithium ion battery, lithium ion polymer battery, nickel cadmium battery, nickel based battery, nickel metal hydride battery and others.
On the basis of application, the global advanced battery market can be segmented into smartphones and tablets, laptops, consumer electronics and others. On the basis of region, the global advanced battery market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific.
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Key players operating in the global advanced battery market are concentrating on key market strategies such as mergers, acquisitions and new product launch. Moreover, innovation in product development is another key strategy followed by major market players to strengthen their presence in the competitive global market.
Major players operating in the global advanced battery market include GS Yuasa Corporation, China BAK Battery Inc., Honda Hitachi Maxwell, LG Chem, Sony Corporation, EnerDel Inc., Panasonic Corporation, Kodak, Siemens and others.
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